The Austin, Texas, housing market posted an October record for both single-family home sales and prices, as homes sold at the fastest pace ever for the month, the Austin Board of Realtors reported.
According to the latest Multiple Listing Service report, some 2,073 single-family homes were sold last month, up 8 percent from the approximately 1,920 sales in October 2005. Last month was the 10th consecutive month of year-over-year sales gains, according to statistics.
At $175,000, the median price set an October record and increased 9 percent from approximately $160,500 posted a year ago.
The 7,947 active listings at the end of October, although down from September, were up 4 percent from a year ago, as the number of new listings jumped 12 percent during the period to 3,074.
Although it took an average 66 days to sell a home in October compared with 58 days in September, last month’s days on the market fell 1 percent from October 2005 to a record low for the month.
“These numbers indicate that the Austin real estate market will remain strong for the foreseeable future,” said ABoR chairman John Rosshirt. “The local ABoR figures coincide with the 2006 third-quarter Metrostudy report that points to job growth and new developments downtown as indications of the Austin housing market’s sustained productivity.”
Sales of townhouses and condominiums also posted strong growth last month, increasing 25 percent from a year ago to 266 sales, according to statistics.
The Austin Board of Realtors is a nonprofit, voluntary organization representing more than 8,500 licensed Realtors in Central Texas.